BP pays $1 billion for 49% stake in fuel retail JV with Reliance Industries

NEW DELHI: UK’s BP has paid Reliance IndustriesNSE 0.73 % $1 billion for 49% stake in a fuel retail joint venture, closing a transaction the two companies announced last year.

Reliance BP Mobility ltd (RBML), the joint venture in which Reliance Industries (RIL) holds 51%, will operate under the Jio-BP brand and leverage Reliance’s presence across 21 states and its millions of consumers through the Jio digital platform, according to a statement by the two companies.